# Parag Parikh Financial Advisory Services Limited
**ISIN:** INE0FGC01012
**Canonical URL:** https://polemarch.in/invest/parag-parikh-financial-advisory-services-limited
**Type:** Unlisted
**Sector:** General / Unlisted
**Current quoted price:** ₹17799.00 per share

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## Company profile

## Business overview
Parag Parikh Financial Advisory Services Limited (PPFAS) is a Mumbai-based financial services holding and advisory company incorporated in 1992, best known as the sponsor and promoter of PPFAS Mutual Fund — the asset management company (AMC) behind the iconic Parag Parikh Flexi Cap Fund. The company was founded by the late Parag Parikh, a veteran value investor who tragically passed away in a car accident in Omaha, Nebraska in May 2015 while attending the Berkshire Hathaway Annual General Meeting — a fact that underscores the depth of the firm's commitment to Buffett-style investing. Under his successors, Neil Parag Parikh (Chairman and CEO) and Rajeev Thakkar (CIO and Executive Director at AMC), PPFAS has grown from a boutique brokerage and portfolio management firm into one of India's most respected asset managers.

The company operates primarily through its subsidiary PPFAS Asset Management Private Limited, which manages PPFAS Mutual Fund. The flagship Parag Parikh Flexi Cap Fund, launched in May 2013, crossed a landmark Rs. 1 lakh crore AUM in May 2025, becoming the largest actively managed equity flexi-cap fund in India. Total AUM of PPFAS Mutual Fund rose from Rs. 68,453 crore in March 2024 to Rs. 1,06,358 crore in March 2025 — a 55% year-on-year increase — cementing the AMC's position as one of India's top ten fund houses by equity AUM.

Financially, the consolidated entity recorded total income of Rs. 42,909 lakhs for FY2025, a significant jump from Rs. 28,643 lakhs in FY2024, driven by fees and commission income of Rs. 37,588 lakhs (investment management fees proportional to AUM growth) and net fair value gains of Rs. 5,281 lakhs on the company's own investment portfolio. Net profit for the year stood at Rs. 24,660 lakhs (up from Rs. 17,104 lakhs in FY2024), reflecting a net margin of approximately 57%. The company's own investment book — primarily equity mutual fund units — swelled to Rs. 60,486 lakhs as at March 31, 2025, representing the bulk of the Rs. 70,215 lakh total asset base and reflecting the founders' practice of investing the company's treasury entirely in PPFAS Mutual Fund schemes. Equity share capital stands at Rs. 769.59 lakhs (face value Rs. 10 per share), with total equity of Rs. 64,884 lakhs.

PPFAS is unusual in the Indian asset management industry for several reasons: it operates a single core equity scheme (the Flexi Cap Fund) rather than proliferating dozens of products; it invests up to 35% of the fund corpus in international equities (primarily US-listed technology companies), providing Indian retail investors with a low-cost gateway to global diversification; and it charges among the lowest expense ratios in its category. These differentiated features — combined with a transparent, investor-first culture inherited from the late founder — have resulted in an unusually loyal unitholder base with very low redemption rates.

### Risks
Key risks include: (1) AUM concentration — over 90% of revenue derives from the Parag Parikh Flexi Cap Fund; any sustained underperformance or regulatory changes to international equity limits could trigger large redemptions; (2) key-person dependence on Rajeev Thakkar as CIO — his departure would likely cause significant AUM outflows; (3) regulatory risk around overseas investment limits (SEBI has periodically imposed caps on industry-wide foreign equity exposure); (4) market risk on the company's own Rs. 60,486 lakh investment portfolio, which is marked to market and drives significant P&L volatility through fair value changes (Rs. 5,281 lakh in FY2025 vs Rs. 7,378 lakh in FY2024); and (5) competition from larger, better-capitalised AMCs launching competing flexi-cap and international fund products.

## Key ratios (as of FY2026, yearly)
### Liquidity Ratios
- **Working Capital:** 0.396706
- **Current Ratio:** 17.11054256
- **Quick Assets:** 0.42133
- **Quick Ratio:** 17.11054256
- **Cash Ratio:** 0.52002112
- **Working Capital To Sales:** 0.06591518
- **Net Working Capital to Assets:** 0.03700198

### Leverage Ratios
- **Total Debt:** 0
- **Net Debt:** -0.012805
- **Debt to Equity:** 0
- **Debt to Assets:** 0
- **Debt To Capital:** 0
- **Equity Ratio:** 0.94176478
- **Financial Leverage:** 1.06183627
- **Interest Coverage:** 360.6192053
- **EBITDA Interest Coverage:** 366.49260742
- **Net Debt to EBITDA:** -0.00269054
- **Long Term Debt to Equity:** 0
- **Long Term Debt to Capital:** 0
- **Debt to EBITDA:** 0
- **Net Debt to Equity:** -0.00126822

### Profitability Ratios
- **Effective Tax Rate:** 0.25577193
- **NOPAT:** 3.4852208015
- **Invested Capital:** 10.084052
- **Gross Margin:** 1.00061777
- **EBITDA Margin:** 0.79078288
- **EBIT Margin:** 0.77810981
- **Pre Tax Margin:** 0.77595227
- **Net Margin:** 0.57748546
- **Return on Assets:** 0.32417585
- **Return on Equity:** 0.34422167
- **Return on Capital Employed:** 0.43780337
- **Return On Invested Capital:** 0.3456171
- **Pre-Tax ROE:** 0.46252175
- **Cash ROA:** 0.3264727
- **Return on Net Assets:** 0.32492211
- **Operating ROA:** 0.43679785

### Efficiency Ratios
- **Asset Turnover:** 0.56135759
- **Fixed Asset Turnover:** 14.2767082
- **Receivables Turnover:** 32.77102766
- **Payables Turnover:** 0
- **Working Capital Turnover:** 15.17101329
- **Days Sales Outstanding:** 11.13788691
- **Equity Turnover:** 0.59606985
- **Capital Employed Turnover:** 0.59606985

### Cashflow Ratios
- **Operating Cash Flow to Sales:** 0.58157706
- **Operating Cash Flow to Net Income:** 1.0070852
- **Free Cash Flow:** 3.3912490000000006
- **Free Cash Flow Margin:** 0.56347716
- **FCF to Net Income:** 0.97574259
- **Capital Expenditure:** 0.108933
- **Capex to Sales:** 0.0180999
- **Capex to Operating Cashflow:** 0.0311221
- **Dividend Payout Ratio:** 0.03304593
- **Retention Ratio:** 0.96695407

### Valuation Models
- **Market Price per Share:** 17635.4
- **Shares Outstanding:** 0.7909774
- **Market Cap:** 139.4920283996
- **Enterprise Value:** 139.47922339960002
- **P/E Ratio:** 39.37271002
- **P/B Ratio:** 13.81539111
- **P/S Ratio:** 23.17747021
- **EV / EBITDA:** 29.30683392
- **EV / Sales:** 23.17534258
- **EV / EBIT:** 29.78415409
- **Earnings Yield:** 0.0253983
- **Free Cash Flow Yield:** 0.02478221
- **Price / Operating Cash Flow:** 39.09570929
- **EV to FCF:** 41.1291602
- **EV to Assets:** 13.00965436
- **EV to Capital Employed:** 13.03960314
- **EV to Invested Capital:** 13.83166443

### Per Share Metrics
- **EPS (Basic):** 447.90922419
- **Book Value per Share:** 1276.5038546
- **Sales per Share:** 775.61991012
- **Operating Cash Flow per Share:** 451.0827485
- **Free Cash Flow per Share:** 437.04410793
- **Cash per Share:** 1.65023264
- **EBITDA per Share:** 613.34694759
- **EBIT per Share:** 603.51746347

### DuPont Analysis
- **DuPont: Tax Burden:** 0.74422807
- **DuPont: Interest Burden:** 0.99722721
- **DuPont: EBIT Margin:** 0.77810981
- **DuPont: Asset Turnover:** 0.56135759
- **DuPont: Equity Multiplier:** 1.06183627
- **DuPont ROE (5-step):** 0.34422167

### Earnings Quality
- **Accruals to Assets:** -0.00229685
- **Accruals to Net Income:** -0.0070852
- **Cash Earnings Coverage:** 1.0070852
- **Capex to Depreciation:** 1.42821743

## Recent price points (last 10)

| Date | Price (₹) |
|---|---:|
| 2026-10-24 | 18426 |
| 2026-10-25 | 18426 |
| 2026-10-26 | 18474.17 |
| 2026-10-27 | 18349.88 |
| 2026-10-28 | 18399.29 |
| 2026-10-29 | 18424.17 |
| 2026-10-30 | 18099.33 |
| 2026-10-31 | 17899 |
| 2026-11-01 | 17650 |
| 2026-11-02 | 17799 |

## Recent news (last 5 events)
### 2026-08-04 — Dividend ₹25 per share
Parag parikh declared a dividend of Rs 25/ share.

### 2025-11-20 — PPFAS announces Parag Parikh IFSC S&P 500 Fund of Fund
PPFAS Mutual Fund announced the launch of the Parag Parikh IFSC S&P 500 Fund of Fund, expanding its international investing capabilities and giving Indian investors access to the S&P 500 index through the IFSC (International Financial Services Centre) route. This new scheme diversifies the fund house beyond its single-fund strategy while remaining in its area of competence — international equity investing.
Source: https://www.businesstoday.in/mutual-funds/story/ppfas-to-launch-parag-parikh-ifsc-sp-500-fund-of-fund-what-it-means-for-indian-investors-502938-2025-11-20

### 2025-08-30 — Dividend ₹15 per share
Parag parikh declared a dividend of Rs 15/ share. Record date is tentative

### 2025-06-26 — PPFAS reports FY2025 net profit of Rs. 246.60 crore, up 44% YoY
Parag Parikh Financial Advisory Services Limited reported consolidated net profit of Rs. 24,660 lakhs (Rs. 246.60 crore) for FY2025, a 44.2% increase over Rs. 17,104 lakhs in FY2024. Total income rose to Rs. 42,909 lakhs from Rs. 28,643 lakhs. Fees and commission income jumped to Rs. 37,588 lakhs driven by AUM growth. Basic EPS reached Rs. 321.45 per share vs Rs. 223.06 in the prior year. The annual report was signed on June 26, 2025 and audited by Chokshi and Chokshi LLP.
Source: https://www.ppfas.com/pdf-docs/about/financials/ppfas-annual-report-2024-2025.pdf?01082025=

### 2025-05-28 — Parag Parikh Flexi Cap Fund crosses Rs. 1 lakh crore AUM milestone
PPFAS Mutual Fund flagship Parag Parikh Flexi Cap Fund crossed the Rs. 1 lakh crore AUM mark in May 2025, becoming the largest actively managed equity flexi-cap fund in India. The fund also completed 12 years of operations in May 2025. Overall PPFAS Mutual Fund AUM stood at Rs. 1,06,358 crore as of March 31, 2025, up 55% from Rs. 68,453 crore a year earlier. This milestone reinforces PPFAS Limited fee-revenue trajectory and the growing scale of its AMC subsidiary.
Source: https://amc.ppfas.com/schemes/parag-parikh-flexi-cap-fund/

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